Central Bank Approves ZamZam Bank's President

October 17 , 2020


Central Bank Approves ZamZam Bank's President

The National Bank of Ethiopia (NBE) has approved the appointment of Melika Bedri, an ex-chief financial officer at Commercial Bank of Ethiopia (CBE), as the first president of the pioneering fully-fledged, interest-free ZamZam Bank. Melika, who was relieved of duties at her previous employer in August, had been serving CBE for the past three decades in different positions. She has served as manager of promotion as well as in the treasury department and as assistant vice president for marketing & research. The only sitting female president in the banking sector, she will be the first to break the ice on interest-free banking services in Ethiopia. ZamZam Bank has received its operating license from the central bank and is expected to start operations within the next three months. The Bank, which was under formation for over a year, has managed to raise paid-up capital of over 870 million Br and 1.8 billion Br in subscribed capital from 11,200 shareholders. It reinstated the process of formation a decade later after a failed trial, following central bank approval of IFB operations beyond window service. Currently, more banks are in the making to serve wholly interest-free banking services, including Hijira, Zad, Kush and Huda Banks. Half of the commercial banks in the country provide interest-free window service.


Radar

Ministry Revokes Hundreds of Mining Concessions

The Ministry of Mines has revoked the licenses of 972 for alleged non-compliance with the terms of their exploration and production permits, and involvement in illicit trade.  Among those on the receiving end of the measure is Kefi Gold, a firm that has been conducting gold exploration in the Western Wellega Zone of the Oromia Regional State for over a decade. The 2,000hct exploration area is estimated to hold deposits of close to 50,000Kg of gold. Last week, the National Bank of Ethiopia ap...


Radar

World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity

The World Bank Group and the Ministry of Finance have signed an agreement for 715 million dollars to go towards fighting food insecurity. Most of the financing (600 million dollars) is earmarked for the implementation of a Food Systems Resilience Programme. A third of the amount is in the form of grants, while the balance is credit. An additional 115 million dollars is pledged for improving access to financial services and bolstering economic activity in pastoralist areas. The areas target...


Radar

DISRUPTION HOPEFULS

Youths checkout a booth at the AddisRupt Expo 2022, which was hosted at Safari Hotel on June 25, 2022. The expo focused on technological and entrepreneurial work, showcasing over 20 startups to visitors. The promoters of the expo aimed at connecting startups with investors and was organized by firms such as LinkUp Addis, Profit Marketing and Afromile Trading...